Federated Hermes Managed Volatility Fund II
Portfolio of Investments
March 31, 2026 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—41.7%
 
Communication Services—3.0%
3,193
 
Alphabet, Inc., Class A
$    918,179
4,326
 
Alphabet, Inc., Class C
  1,240,956
209
1
AST SpaceMobile, Inc.
     17,320
20,094
 
AT&T, Inc.
    582,525
9,121
 
Comcast Corp., Class A
    261,864
10,000
1
Criteo S.A., ADR
    179,300
498
1
Digital World Acquistion Corp.
      4,621
1,871
 
Electronic Arts, Inc.
    381,441
578
 
Meta Platforms, Inc.
    330,691
26,000
1
MNTN, Inc.
    228,800
1,077
1
Take-Two Interactive Software, Inc.
    212,708
350
 
T-Mobile USA, Inc.
     73,511
5,886
 
Verizon Communications, Inc.
    295,477
3,445
 
Walt Disney Co.
    332,029
5,230
1
Warner Bros. Discovery, Inc.
    143,616
 
TOTAL
5,203,038
 
Consumer Discretionary—2.8%
40,965
 
ADT, Inc.
    269,140
4,048
1
Amazon.com, Inc.
    843,077
126
1
Aptiv PLC
      8,749
32
1
AutoZone, Inc.
    108,089
6,873
 
Bath & Body Works, Inc.
    128,319
56
 
Booking Holdings, Inc.
    235,778
1,034
 
BorgWarner, Inc.
     56,105
990
 
Brunswick Corp.
     72,032
2,619
1
CarMax, Inc.
    108,898
11
 
Carnival Corp.
        285
635
 
Churchill Downs, Inc.
     57,042
9,600
1
Cirsa Enterprises S.A.
    153,338
466
1
Crocs, Inc.
     38,687
58
 
D. R. Horton, Inc.
      7,959
1,154
 
eBay, Inc.
    105,037
2,408
1
Etsy, Inc.
    120,352
631
1
Five Below, Inc.
    144,171
1,706
 
Ford Motor Co.
     19,687
2,296
 
General Motors Co.
    171,052
3,348
 
Hasbro, Inc.
    313,373
36,000
1
HBX Group International PLC
    269,810
584
 
Home Depot, Inc.
    192,072
1,282
 
Lowe’s Cos., Inc.
    302,911
6,774
 
Macy’s, Inc.
    122,542
910
 
McDonald’s Corp.
    282,819
18,000
1
Mobileye Global, Inc.
    123,660
555
1
O’Reilly Automotive, Inc.
     51,232
3,784
1
Rivian Automotive, Inc.
     56,949
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Consumer Discretionary—continued
220
 
Ross Stores, Inc.
$     47,659
20,000
1
Savers Value Village, Inc.
    148,800
817
 
Tapestry, Inc.
    115,287
49
1
TopBuild Corp.
     17,214
1,124
 
Travel + Leisure Co.
     77,769
1,977
1
YETI Holdings, Inc.
     72,338
 
TOTAL
4,842,232
 
Consumer Staples—2.9%
5,376
 
Archer-Daniels-Midland Co.
    390,781
3,161
1
Bellring Brands, Inc.
     50,860
69
 
Casey’s General Stores, Inc.
     50,222
2,334
 
Colgate-Palmolive Co.
    198,927
1,155
 
Constellation Brands, Inc., Class A
    173,250
1,080
1
Darling Ingredients, Inc.
     66,798
857
 
Dollar General Corp.
    101,752
1,621
1
Dollar Tree, Inc.
    177,516
1,868
 
Estee Lauder Cos., Inc., Class A
    134,066
11,235
 
Kraft Heinz Co./The
    252,675
4,606
 
Lamb Weston Holdings, Inc.
    194,650
4,509
1
Maplebear, Inc.
    168,907
739
 
Molson Coors Beverage Co., Class B
     31,821
10,500
1
Oddity Tech Ltd.
    140,490
1,010
 
PepsiCo, Inc.
    156,843
4,012
 
Philip Morris International, Inc.
    663,344
3,887
 
Procter & Gamble Co.
    561,438
2,299
 
Smucker (J.M.) Co.
    221,716
132
1
The Boston Beer Co., Inc., Class A
     30,413
12,800
1
Vital Farms, Inc.
    180,736
7,731
 
WalMart, Inc.
    960,809
 
TOTAL
4,908,014
 
Energy—2.7%
3,623
 
Antero Midstream Corp.
     82,604
101
 
Cheniere Energy, Inc.
     28,660
2,772
 
Chevron Corp.
    573,527
3,660
 
ConocoPhillips
    483,120
7,411
 
Devon Energy Corp.
    372,921
673
 
Diamondback Energy, Inc.
    133,113
732
 
DT Midstream, Inc.
     98,578
109
 
EOG Resources, Inc.
     15,758
4,731
 
EQT Corp.
    301,081
787
 
Expand Energy Corp.
     86,397
7,726
 
Exxon Mobil Corp.
  1,310,793
8,664
 
Kinder Morgan, Inc.
    290,504
5,222
 
TechnipFMC PLC
    360,997
6,091
 
Williams Cos., Inc.
    443,303
 
TOTAL
4,581,356
 
Financials—8.5%
960
 
Affiliated Managers Group, Inc.
    265,632
89
 
Allstate Corp.
     18,453
289
 
American Express Co.
     87,417
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Financials—continued
8,400
1
American Integrity Insurance Group, Inc.
$    161,952
2,329
 
American International Group, Inc.
    175,257
761
 
Apollo Global Management, Inc.
     84,791
3,178
1
Arch Capital Group Ltd.
    305,056
3,145
 
Axis Capital Holdings Ltd.
    318,934
13,520
 
Bank of America Corp.
    659,100
3,856
 
Bank of New York Mellon Corp.
    457,437
4,298
1
Berkshire Hathaway, Inc., Class B
  2,059,602
101
 
BlackRock, Inc.
     97,133
400
 
Cboe Global Markets, Inc.
    112,428
524
 
Charles Schwab Corp.
     49,246
2,713
 
Citigroup, Inc.
    307,681
55,545
1
Ethos Technologies, Inc.
    620,438
454
 
Everest Group Ltd.
    148,390
45,000
1
Exzeo Group, Inc.
    660,150
348
 
Fidelity National Information Services, Inc.
     16,325
160
 
First Citizens Bancshares, Inc., Class A
    301,546
2,993
1
Fiserv, Inc.
    167,009
4,701
 
Global Payments, Inc.
    316,377
229
 
Goldman Sachs Group, Inc.
    193,732
3,854
 
Janus Henderson Group PLC
    197,980
6,388
 
JPMorgan Chase & Co.
  1,879,094
2,452
 
KKR & Co., Inc.
    226,810
4,258
 
MetLife, Inc.
    301,126
4,017
 
MGIC Investment Corp.
    105,446
2,920
 
Morgan Stanley
    480,544
1,292
1
PayPal Holdings, Inc.
     58,437
27,000
1
Pics NV
    282,150
49
 
PNC Financial Services Group, Inc.
     10,196
2,413
 
Progressive Corp., OH
    478,353
429
 
Prudential Financial, Inc.
     41,909
494
 
RenaissanceRe Holdings Ltd.
    146,832
387
 
S&P Global, Inc.
    164,607
1,684
 
State Street Corp.
    213,127
3,039
 
U.S. Bancorp
    158,058
686
 
Unum Group
     50,099
1,951
 
VOYA Financial, Inc..
    133,292
73,000
1
Wealthfront Corp.
    675,250
1,270
 
Webster Financial Corp. Waterbury
     88,163
8,711
 
Wells Fargo & Co.
    693,483
31,897
 
Western Union Co.
    278,461
1,400
1
WEX, Inc.
    214,256
798
 
XP, Inc.
     15,194
 
TOTAL
14,476,953
 
Health Care—5.3%
1,032
 
Abbott Laboratories
    105,955
778
 
Agilent Technologies, Inc.
     88,676
2,546
1
Avantor, Inc.
     19,961
201
1
Biogen, Inc.
     36,849
1,587
1
Boston Scientific Corp.
     99,584
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Health Care—continued
8,554
 
Bristol-Myers Squibb Co.
$    518,800
1,440
1,2
Bristol-Myers Squibb Co., Rights
      1,008
1,618
 
Cardinal Health, Inc.
    341,900
1,457
1
Caris Life Sciences, Inc.
     26,051
6,031
1
Centene Corp.
    197,455
1,000
1
CG Oncology, Inc.
     67,680
218
1
Charles River Laboratories International, Inc.
     37,605
882
 
CVS Health Corp.
     63,345
1,431
 
Danaher Corp.
    271,318
2,305
1
Edwards Lifesciences Corp.
    184,584
1,844
1
Elanco Animal Health, Inc.
     44,127
38
 
Elevance Health, Inc.
     11,125
9,000
1
Generate Biomedicines, Inc.
    112,500
3,426
 
Gilead Sciences, Inc.
    477,482
863
 
HCA Healthcare, Inc.
    408,406
1,399
1
Hologic, Inc.
    105,750
260
1
Incyte Genomics, Inc.
     24,471
4,000
1
Inmode Ltd.
     54,720
636
1
Insmed, Inc.
    103,999
194
1
IQVIA Holdings, Inc.
     33,085
682
1
Jazz Pharmaceuticals PLC
    128,932
6,031
 
Johnson & Johnson
  1,474,218
12,000
1
Kyverna Therapeutics, Inc.
    103,560
3,000
1
LB Pharmaceuticals, Inc.
     73,980
18,000
1
Legend Biotech Corp., ADR
    325,620
51,000
1
Lumexa Imaging Holdings, Inc.
    438,600
346
 
McKesson Corp.
    299,415
1,788
 
Medtronic PLC
    154,930
2,421
 
Merck & Co., Inc.
    291,222
3,681
 
Pfizer, Inc.
    103,363
1,286
1
Qiagen NV
     51,491
109
 
Regeneron Pharmaceuticals, Inc.
     84,218
11,000
1
Schrodinger, Inc.
    124,960
9,000
 
Simulations Plus, Inc.
    106,380
118,007
1
Sophia Genetics S.A.
    584,135
327
 
STERIS PLC
     72,310
420
1
Tenet Healthcare Corp.
     79,258
839
 
The Cigna Group
    223,803
547
 
Thermo Fisher Scientific, Inc.
    268,867
1,587
 
UnitedHealth Group, Inc.
    429,426
232
1
Veeva Systems, Inc.
     40,753
11,518
 
Viatris, Inc.
    155,608
 
TOTAL
9,051,485
 
Industrials—6.2%
70
 
AGCO Corp.
      8,111
12,000
1
AIRO Group Holdings, Inc.
     91,260
737
1
ATI, Inc.
    107,204
18,000
1
BETA Technologies, Inc.
    264,600
539
1
Boeing Co.
    107,277
606
 
Broadridge Financial Solutions, Inc.
     98,463
4
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Industrials—continued
504
1
Builders Firstsource, Inc.
$     41,494
635
 
BWX Technologies, Inc.
    129,851
18,000
1
Byrna Technologies, Inc.
    165,240
628
 
C.H. Robinson Worldwide, Inc.
    104,292
723
 
Caterpillar, Inc.
    512,217
28,038
 
CNH Industrial NV
    308,418
364
 
Concentrix Corp.
      9,959
822
 
Crane Co.
    140,562
14,400
1
CSG B.V.
    387,477
34
 
Cummins, Inc.
     18,293
510
 
Curtiss-Wright Corp.
    347,371
143
 
Deere & Co.
     80,552
365
 
Eaton Corp. PLC
    130,550
340
 
Emcor Group, Inc.
    251,025
150
 
Expeditors International of Washington, Inc.
     21,485
103
 
FedEx Corp.
     36,687
9,000
1
Firefly Aerospace, Inc.
    256,230
10,800
1
Fiverr International Ltd.
    108,216
45
 
Fortive Corp.
      2,488
633
 
General Dynamics Corp.
    217,258
3,307
 
Graco, Inc.
    279,938
6,000
1
Grupo Aeromexico SAB de CV, ADR
     84,060
2,249
 
Honeywell International, Inc.
    508,341
1,636
 
J. B. Hunt Transportation Services, Inc.
    346,668
211
 
Johnson Controls International PLC
     27,630
311
 
L3Harris Technologies, Inc.
    107,342
227
 
Leonardo DRS, Inc.
     10,106
443
 
Lockheed Martin Corp.
    267,745
1,372
1
Middleby Corp.
    181,900
1,473
 
Norfolk Southern Corp.
    422,751
11
 
Northrop Grumman Corp.
      7,505
425
 
Oshkosh Corp.
     62,564
2,987
 
Owens Corning, Inc.
    323,253
281
 
Parker-Hannifin Corp.
    251,562
2,937
 
Pentair PLC
    255,842
1,738
 
Republic Services, Inc.
    380,657
931
 
Rockwell Automation, Inc.
    334,117
2,666
 
RTX Corp.
    514,271
1,594
 
Ryder System, Inc.
    326,308
4,338
 
Sensata Technologies Holdings PLC
    152,784
1,503
 
Southwest Airlines Co.
     56,468
12,000
1
Timee, Inc.
     99,611
2,167
 
Toro Co.
    202,484
80
1
United Airlines Holdings, Inc.
      7,366
99
 
United Parcel Service, Inc.
      9,740
146
 
United Rentals, Inc.
    106,370
335
 
Valmont Industries, Inc.
    133,856
431
 
Verisk Analytics, Inc.
     81,782
26,163
1
Vincorion SE
    490,803
9,000
1
Voyager Technologies, Inc.
    210,510
5
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Industrials—continued
696
 
Xylem, Inc.
$     83,172
11,000
1
York Space Systems, Inc.
    243,870
 
TOTAL
10,517,956
 
Information Technology—5.3%
1,084
 
Accenture PLC
    214,946
1,862
1
Advanced Micro Devices, Inc.
    378,787
717
 
Analog Devices, Inc.
    228,106
486
 
Applied Materials, Inc.
    166,110
262
1
Ciena Corp.
    101,716
44
1
Circle Internet Finance PLC
      4,198
951
1
Cirrus Logic, Inc.
    137,534
8,422
 
Cisco Systems, Inc.
    653,463
1,454
1
DocuSign, Inc.
     68,934
1,174
1
Everpure, Inc.
     69,313
481
1
F5, Inc.
    139,168
302
1
First Solar, Inc.
     59,573
1,662
 
IBM Corp.
    402,852
11,129
1
Innoscripta SE
    877,855
11,183
1
Intel Corp.
    493,506
1,384
1
Keysight Technologies, Inc.
    390,800
23
1
Lumentum Holdings, Inc.
     16,163
2,788
 
Micron Technology, Inc.
    941,898
900
1
Monday.com Ltd.
     62,199
561
1
MongoDB, Inc.
    137,316
18,000
1
Netskope, Inc.
    152,820
2,466
1
Nutanix, Inc.
     93,733
36
1
Okta, Inc.
      2,834
1,656
1
ON Semiconductor Corp.
    102,540
245
1
Onto Innovation, Inc.
     50,242
1,697
1
Qorvo, Inc.
    131,348
3,616
 
Qualcomm, Inc.
    465,669
5,312
1
Ralliant Corp.
    220,926
1,085
1
Rubrik, Inc.
     53,132
1,879
 
Salesforce, Inc.
    350,753
384
1
Sandisk Corp.
    243,971
108,000
1
Silvaco Group, Inc.
    764,640
45,000
1
SimilarWeb Ltd.
    117,450
6,500
1
Tekscend Photomask Corp.
    123,290
487
1
Twilio, Inc.
     61,274
96
1
Tyler Technologies, Inc.
     32,868
420
1
Unity Software, Inc.
      9,215
928
1
Verisign, Inc.
    230,478
723
 
Western Digital Corp.
    195,564
552
1
Zebra Technologies Corp., Class A
    115,412
 
TOTAL
9,062,596
 
Materials—1.6%
157
 
Albemarle Corp.
     28,186
2,319
 
AngloGold Ashanti PLC
    225,778
973
 
Aptargroup, Inc.
    122,617
194
 
Avery Dennison Corp.
     33,500
6
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
Materials—continued
1,494
 
Celanese Corp.
$     98,260
3,249
 
Corteva, Inc.
    271,974
3,042
 
CRH PLC
    319,775
937
 
Crown Holdings, Inc.
     93,934
1,089
 
Ecolab, Inc.
    289,696
63
 
Freeport-McMoRan, Inc.
      3,703
1,173
 
Linde PLC
    581,527
90
 
Newmarket Corp.
     57,686
4,579
 
Newmont Corp.
    495,677
562
1
Solstice Advanced Materials, Inc.
     42,802
 
TOTAL
2,665,115
 
Real Estate—1.8%
1,329
 
Avalonbay Communities, Inc.
    217,092
1,249
1
CBRE Group, Inc.
    169,190
2,415
 
Crown Castle, Inc.
    196,364
58
 
Digital Realty Trust, Inc.
     10,452
41
 
Equinix, Inc.
     40,190
21,000
1
Fermi LLC
    122,640
656
 
Host Hotels & Resorts, Inc.
     12,569
22
 
Jones Lang LaSalle, Inc.
      6,695
45,000
1
NS Group, Inc.
    443,796
1,538
 
ProLogis, Inc.
    203,293
1,121
 
Public Storage
    303,656
1,513
 
Regency Centers Corp.
    114,474
1,332
 
SBA Communications, Corp.
    229,250
1,981
 
Simon Property Group, Inc.
    369,516
2,326
 
Sun Communities, Inc.
    292,983
4,147
 
WP Carey, Inc.
    281,830
 
TOTAL
3,013,990
 
Utilities—1.6%
12,203
 
AES Corp.
    171,940
2,054
 
Brookfield Renewable Corp.
     81,811
2,929
 
Clearway Energy, Inc., Class A
    114,729
2,933
 
Clearway Energy, Inc., Class C
    115,237
911
 
Constellation Energy Corp.
    254,397
1,153
 
DTE Energy Co.
    168,592
3,697
 
Duke Energy Corp.
    484,085
5,194
 
EverSource Energy
    359,840
7,148
 
NextEra Energy, Inc.
    663,906
130
 
NiSource, Inc.
      6,066
2,745
 
Public Service Enterprises Group, Inc.
    222,208
535
1
Talen Energy Corp.
    170,788
224
 
UGI Corp.
      8,158
 
TOTAL
2,821,757
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $56,414,492)
71,144,492
 
U.S. TREASURIES—22.1%
 
Treasury Inflation-Indexed Note—0.0%
$   13,725
 
U.S. Treasury Inflation-Protected Notes, 1.000%, 2/15/2046
     10,161
7
Shares or
Principal
Amount
 
 
Value
 
U.S. TREASURIES—continued
 
U.S. Treasury Bond—4.2%
$  150,000
 
United States Treasury Bond, 1.375%, 11/15/2040
$     96,516
  760,000
 
United States Treasury Bond, 1.625%, 11/15/2050
    396,150
  660,000
 
United States Treasury Bond, 2.375%, 2/15/2042
    480,666
   20,000
 
United States Treasury Bond, 2.750%, 11/15/2047
     14,097
    1,000
 
United States Treasury Bond, 3.000%, 11/15/2044
        765
  900,000
 
United States Treasury Bond, 3.000%, 2/15/2049
    656,578
1,100,000
 
United States Treasury Bond, 3.125%, 5/15/2048
    826,891
  475,000
 
United States Treasury Bond, 4.250%, 2/15/2054
    425,273
2,720,000
 
United States Treasury Bond, 4.250%, 8/15/2054
  2,434,825
  370,000
 
United States Treasury Bond, 4.500%, 2/15/2044
    353,523
  310,000
 
United States Treasury Bond, 4.625%, 5/15/2044
    300,506
1,200,000
 
United States Treasury Bond, 4.625%, 2/15/2055
  1,143,937
 
TOTAL
7,129,727
 
U.S. Treasury Note—17.9%
  330,000
 
United States Treasury Note, 0.625%, 7/31/2026
    326,598
  200,000
 
United States Treasury Note, 0.875%, 11/15/2030
    174,313
  675,000
 
United States Treasury Note, 1.250%, 12/31/2026
    662,568
  300,000
 
United States Treasury Note, 1.375%, 11/15/2031
    260,133
  400,000
 
United States Treasury Note, 1.500%, 1/31/2027
    392,680
  200,000
 
United States Treasury Note, 1.625%, 5/15/2031
    178,359
   50,000
 
United States Treasury Note, 2.250%, 11/15/2027
     48,758
3,800,000
 
United States Treasury Note, 2.625%, 5/31/2027
  3,748,492
4,150,000
 
United States Treasury Note, 2.750%, 7/31/2027
  4,091,965
  110,000
 
United States Treasury Note, 3.125%, 8/31/2027
    108,921
  900,000
 
United States Treasury Note, 3.375%, 2/29/2028
    892,969
1,600,000
 
United States Treasury Note, 3.500%, 9/30/2027
  1,592,312
  950,000
 
United States Treasury Note, 3.500%, 1/15/2029
    942,003
  950,000
 
United States Treasury Note, 3.500%, 2/28/2031
    931,594
  250,000
 
United States Treasury Note, 3.625%, 3/31/2028
    249,102
  150,000
 
United States Treasury Note, 3.875%, 11/30/2027
    150,082
1,000,000
 
United States Treasury Note, 3.875%, 3/15/2028
  1,001,133
1,000,000
 
United States Treasury Note, 3.875%, 4/30/2030
    998,984
  225,000
 
United States Treasury Note, 3.875%, 6/30/2030
    224,666
  835,000
 
United States Treasury Note, 4.000%, 7/31/2029
    838,849
  300,000
 
United States Treasury Note, 4.125%, 7/31/2028
    302,063
  760,000
 
United States Treasury Note, 4.125%, 11/30/2029
    766,348
  270,000
 
United States Treasury Note, 4.125%, 3/31/2031
    271,898
  225,000
 
United States Treasury Note, 4.125%, 7/31/2031
    226,441
  600,000
 
United States Treasury Note, 4.125%, 10/31/2031
    603,188
  600,000
 
United States Treasury Note, 4.125%, 5/31/2032
    601,630
  950,000
 
United States Treasury Note, 4.125%, 2/15/2036
    935,156
1,000,000
 
United States Treasury Note, 4.250%, 12/31/2026
  1,003,673
  600,000
 
United States Treasury Note, 4.250%, 2/28/2029
    606,900
2,600,000
 
United States Treasury Note, 4.250%, 11/15/2034
  2,599,187
  345,000
 
United States Treasury Note, 4.375%, 7/31/2026
    345,786
  750,000
 
United States Treasury Note, 4.500%, 5/31/2029
    764,537
2,900,000
 
United States Treasury Note, 4.625%, 2/15/2035
  2,975,219
8
Shares or
Principal
Amount
 
 
Value
 
U.S. TREASURIES—continued
 
U.S. Treasury Note—continued
$  750,000
 
United States Treasury Note, 4.875%, 4/30/2026
$    750,597
 
TOTAL
30,567,104
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $39,401,655)
37,706,992
 
CORPORATE BONDS—14.2%
 
Basic Industry - Chemicals—0.1%
  105,000
 
RPM International, Inc., Sr. Unsecd. Note, 4.550%, 3/1/2029
    105,363
 
Basic Industry - Metals & Mining—0.1%
   75,000
 
Freeport-McMoRan, Inc., Sr. Unsecd. Note, 5.400%, 11/14/2034
     76,142
   60,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 1.625%, 4/27/2026
     59,876
   30,000
 
Glencore Funding LLC, Sr. Unsecd. Note, 144A, 4.900%, 7/1/2031
     29,998
 
TOTAL
166,016
 
Capital Goods - Aerospace & Defense—0.6%
  125,000
 
Boeing Co., Sr. Unsecd. Note, 2.700%, 2/1/2027
    123,278
   55,000
 
Boeing Co., Sr. Unsecd. Note, 6.528%, 5/1/2034
     59,937
   70,000
 
Boeing Co., Sr. Unsecd. Note, 6.858%, 5/1/2054
     77,103
   70,000
 
HEICO Corp., Sr. Unsecd. Note, 5.350%, 8/1/2033
     71,332
   15,000
 
Honeywell Aerospace, Inc., Sr. Unsecd. Note, 144A, 4.300%, 3/16/2031
     14,843
   35,000
 
Honeywell Aerospace, Inc., Sr. Unsecd. Note, 144A, 4.950%, 3/16/2036
     34,741
   35,000
 
Honeywell Aerospace, Inc., Sr. Unsecd. Note, 144A, 5.732%, 3/16/2056
     34,620
  130,000
 
Huntington Ingalls Industries, Inc., Sr. Unsecd. Note, 3.483%, 12/1/2027
    127,997
  120,000
 
Lockheed Martin Corp., Sr. Unsecd. Note, 4.750%, 2/15/2034
    120,379
  125,000
 
Northrop Grumman Corp., Sr. Unsecd. Note, 4.700%, 3/15/2033
    124,933
  115,000
 
RTX Corp., Sr. Unsecd. Note, 5.150%, 2/27/2033
    117,333
  100,000
 
Textron, Inc., Sr. Unsecd. Note, 3.650%, 3/15/2027
     99,306
 
TOTAL
1,005,802
 
Capital Goods - Building Materials—0.0%
   30,000
 
Carrier Global Corp., Sr. Unsecd. Note, 5.900%, 3/15/2034
     31,664
   30,000
 
Carrier Global Corp., Sr. Unsecd. Note, 6.200%, 3/15/2054
     31,441
 
TOTAL
63,105
 
Capital Goods - Construction Machinery—0.2%
  125,000
 
Caterpillar Financial Services Corp., Sr. Unsecd. Note, 3.950%, 11/14/2028
    124,434
   75,000
 
CNH Industrial Capital America LLC, Sr. Unsecd. Note, 4.375%, 3/7/2031
     73,330
   50,000
 
CNH Industrial NV, Sr. Unsecd. Note, Series MTN, 3.850%, 11/15/2027
     49,512
  145,000
 
John Deere Capital Corp., Sr. Unsecd. Note, Series MTN, 2.800%, 7/18/2029
    138,728
 
TOTAL
386,004
 
Capital Goods - Diversified Manufacturing—0.1%
   80,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2050
     52,108
   75,000
 
Honeywell International, Inc., Sr. Unsecd. Note, 4.500%, 1/15/2034
     73,902
   60,000
 
Ingersoll-Rand, Inc., Sr. Unsecd. Note, 5.450%, 6/15/2034
     61,287
   60,000
 
Xylem, Inc., Sr. Unsecd. Note, 2.250%, 1/30/2031
     54,037
 
TOTAL
241,334
 
Capital Goods - Environmental—0.1%
   40,000
 
Republic Services, Inc., Sr. Unsecd. Note, 2.375%, 3/15/2033
     34,542
   55,000
 
Republic Services, Inc., Sr. Unsecd. Note, 4.875%, 4/1/2029
     55,845
   60,000
 
Waste Connections, Inc., Sr. Unsecd. Note, 2.600%, 2/1/2030
     56,482
   40,000
 
Waste Connections, Inc., Sr. Unsecd. Note, 4.200%, 1/15/2033
     38,726
 
TOTAL
185,595
 
Communications - Cable & Satellite—0.3%
   75,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
3.850%, 4/1/2061
     43,841
9
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Communications - Cable & Satellite—continued
$   50,000
 
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sec. Fac. Bond,
4.800%, 3/1/2050
$     36,993
  275,000
 
Comcast Corp., Sr. Unsecd. Note, 3.300%, 2/1/2027
    273,026
  180,000
 
Comcast Corp., Sr. Unsecd. Note, 5.350%, 5/15/2053
    159,322
 
TOTAL
513,182
 
Communications - Media & Entertainment—0.3%
   60,000
 
AppLovin Corp., Sr. Unsecd. Note, 5.500%, 12/1/2034
     59,527
  100,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 3.500%, 8/15/2027
     99,299
   75,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 3.850%, 8/15/2032
     71,609
  100,000
 
Meta Platforms, Inc., Sr. Unsecd. Note, 5.550%, 8/15/2064
     89,958
  100,000
 
Omnicom Group, Inc., Sr. Unsecd. Note, 5.300%, 6/2/2036
     96,692
   90,000
 
Walt Disney Co., Sr. Unsecd. Note, 3.600%, 1/13/2051
     65,211
   45,000
 
Walt Disney Co., Sr. Unsecd. Note, 3.800%, 5/13/2060
     32,116
 
TOTAL
514,412
 
Communications - Telecom Wireless—0.3%
   60,000
 
American Tower Corp., Sr. Unsecd. Note, 2.700%, 4/15/2031
     54,471
  110,000
 
American Tower Corp., Sr. Unsecd. Note, 3.100%, 6/15/2050
     70,694
  100,000
 
T-Mobile USA, Inc., Series WI, 3.000%, 2/15/2041
     73,161
   80,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.050%, 7/15/2033
     80,581
   65,000
 
T-Mobile USA, Inc., Sr. Unsecd. Note, 5.200%, 1/15/2033
     66,192
  115,000
 
Vodafone Group PLC, Sr. Unsecd. Note, 5.250%, 5/30/2048
    103,925
 
TOTAL
449,024
 
Communications - Telecom Wirelines—0.4%
  125,000
 
AT&T, Inc., Sr. Unsecd. Note, 4.900%, 11/1/2035
    121,990
  200,000
 
AT&T, Inc., Sr. Unsecd. Note, 5.375%, 8/15/2035
    202,670
   75,000
 
AT&T, Inc., Sr. Unsecd. Note, 6.000%, 4/30/2056
     73,431
   80,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 4.500%, 3/15/2042
     67,529
   80,000
 
Rogers Communications, Inc., Sr. Unsecd. Note, 4.550%, 3/15/2052
     63,237
   80,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 3.400%, 3/22/2041
     61,465
  150,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 4.125%, 8/15/2046
    119,449
   40,000
 
Verizon Communications, Inc., Sr. Unsecd. Note, 5.875%, 11/30/2055
     38,935
 
TOTAL
748,706
 
Consumer Cyclical - Automotive—0.5%
  150,000
 
Daimler Trucks Financial NA, Sr. Unsecd. Note, 144A, 2.375%, 12/14/2028
    141,840
  140,000
 
Ford Motor Co., Sr. Unsecd. Note, 3.250%, 2/12/2032
    121,648
   50,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 2.400%, 4/10/2028
     47,966
   50,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.450%, 1/8/2036
     49,273
  125,000
 
General Motors Financial Co., Inc., Sr. Unsecd. Note, 5.750%, 2/8/2031
    129,021
   30,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.000%, 4/7/2031
     30,039
  120,000
 
Hyundai Capital America, Sr. Unsecd. Note, 144A, 5.300%, 1/8/2029
    121,670
  150,000
 
Mercedes-Benz Finance NA LLC, Sr. Unsecd. Note, 144A, 4.500%, 3/10/2031
    148,174
 
TOTAL
789,631
 
Consumer Cyclical - Leisure—0.1%
   75,000
 
Airbnb, Inc., Sr. Unsecd. Note, 5.250%, 3/16/2036
     75,105
  100,000
 
Royal Caribbean Cruises Ltd., Sr. Unsecd. Note, 5.250%, 2/27/2038
     95,173
 
TOTAL
170,278
 
Consumer Cyclical - Retailers—0.1%
   60,000
 
AutoZone, Inc., Sr. Unsecd. Note, 4.750%, 2/1/2033
     59,114
  110,000
 
Home Depot, Inc., Sr. Unsecd. Note, 2.950%, 6/15/2029
    105,889
10
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Cyclical - Retailers—continued
$  100,000
 
WalMart, Inc., Sr. Unsecd. Note, 4.100%, 4/28/2027
$    100,194
 
TOTAL
265,197
 
Consumer Cyclical - Services—0.2%
  115,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 2.500%, 6/3/2050
     67,195
  125,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 3.875%, 8/22/2037
    112,558
   30,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 4.250%, 3/13/2031
     29,786
   30,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 4.875%, 3/13/2036
     29,738
   30,000
 
Amazon.com, Inc., Sr. Unsecd. Note, 5.800%, 3/13/2056
     29,997
   65,000
 
Uber Technologies, Inc., Sr. Unsecd. Note, 4.300%, 1/15/2030
     64,485
 
TOTAL
333,759
 
Consumer Non-Cyclical - Food/Beverage—0.5%
  100,000
 
Bacardi-Martini B.V., Sr. Unsecd. Note, 144A, 6.000%, 2/1/2035
    101,342
  150,000
 
Coca-Cola Femsa S.A.B. de C.V., Sr. Unsecd. Note, 5.100%, 5/6/2035
    148,506
   50,000
 
Constellation Brands, Inc., Sr. Unsecd. Note, 3.750%, 5/1/2050
     36,061
   25,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 2.400%, 3/15/2031
     21,154
  125,000
 
Flowers Foods, Inc., Sr. Unsecd. Note, 3.500%, 10/1/2026
    124,316
   50,000
 
Kraft Heinz Foods Co., Sr. Unsecd. Note, 4.375%, 6/1/2046
     39,131
   95,000
 
Mars, Inc., Sr. Unsecd. Note, 144A, 5.200%, 3/1/2035
     95,939
   60,000
 
Mars, Inc., Sr. Unsecd. Note, 144A, 5.700%, 5/1/2055
     58,545
   70,000
 
PepsiCo, Inc., Sr. Unsecd. Note, 2.750%, 10/21/2051
     43,126
   85,000
 
The Campbell’s Co., Sr. Unsecd. Note, 5.200%, 3/21/2029
     85,828
  150,000
 
Tyson Foods, Inc., Sr. Unsecd. Note, 5.700%, 3/15/2034
    155,332
 
TOTAL
909,280
 
Consumer Non-Cyclical - Health Care—0.3%
  100,000
 
Augusta SpinCo Corp., Sr. Unsecd. Note, 5.245%, 3/23/2036
    100,063
   62,000
 
Becton Dickinson & Co., Sr. Unsecd. Note, 3.794%, 5/20/2050
     44,873
  110,000
 
CVS Health Corp., Sr. Unsecd. Note, 4.250%, 4/1/2050
     83,693
   85,000
 
CVS Health Corp., Sr. Unsecd. Note, 5.700%, 6/1/2034
     87,382
  115,000
 
Danaher Corp., Sr. Unsecd. Note, 2.600%, 10/1/2050
     68,788
  105,000
 
HCA, Inc., Sec. Fac. Bond, 3.500%, 7/15/2051
     69,556
   50,000
 
Solventum Corp., Sr. Unsecd. Note, 5.900%, 4/30/2054
     48,888
 
TOTAL
503,243
 
Consumer Non-Cyclical - Pharmaceuticals—0.6%
  120,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.250%, 11/21/2049
     97,475
   60,000
 
AbbVie, Inc., Sr. Unsecd. Note, 4.875%, 3/15/2030
     61,211
  124,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.250%, 3/2/2033
    127,295
   95,000
 
Amgen, Inc., Sr. Unsecd. Note, 5.650%, 3/2/2053
     92,074
  110,000
 
AstraZeneca PLC, Sr. Unsecd. Note, 1.375%, 8/6/2030
     97,097
   75,000
 
Biogen, Inc., Sr. Unsecd. Note, 3.150%, 5/1/2050
     47,311
   75,000
 
Bristol-Myers Squibb Co., Sr. Sub. Secd. Note, 5.550%, 2/22/2054
     72,268
   70,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, 3.700%, 3/15/2052
     50,513
   40,000
 
Bristol-Myers Squibb Co., Sr. Unsecd. Note, Series WI, 4.250%, 10/26/2049
     32,154
   30,000
 
Gilead Sciences, Inc., Sr. Unsecd. Note, 5.100%, 6/15/2035
     30,321
   70,000
 
Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.450%, 5/19/2028
     70,426
   70,000
 
Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 4.750%, 5/19/2033
     69,754
   60,000
 
Pfizer Investment Enterprises Pte Ltd., Sr. Unsecd. Note, 5.300%, 5/19/2053
     55,802
   45,000
 
Pfizer, Inc., Sr. Unsecd. Note, 4.200%, 11/15/2030
     44,700
   71,000
 
Regeneron Pharmaceuticals, Inc., Sr. Unsecd. Note, 2.800%, 9/15/2050
     43,015
 
TOTAL
991,416
11
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Consumer Non-Cyclical - Supermarkets—0.1%
$  120,000
 
Kroger Co., Sr. Unsecd. Note, 5.000%, 9/15/2034
$    118,524
 
Consumer Non-Cyclical - Tobacco—0.2%
   50,000
 
Altria Group, Inc., Sr. Unsecd. Note, 3.700%, 2/4/2051
     34,473
  110,000
 
BAT Capital Corp., Sr. Unsecd. Note, Series WI, 4.540%, 8/15/2047
     89,389
  125,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 2.100%, 5/1/2030
    113,794
   75,000
 
Philip Morris International, Inc., Sr. Unsecd. Note, 5.750%, 11/17/2032
     78,988
   25,000
 
Reynolds American, Inc., Sr. Unsecd. Note, 7.000%, 8/4/2041
     26,357
 
TOTAL
343,001
 
Energy - Independent—0.1%
   35,000
 
Canadian Natural Resources Ltd., Sr. Unsecd. Note, 5.000%, 12/15/2029
     35,557
   60,000
 
Ovintiv, Inc., Sr. Unsecd. Note, 7.100%, 7/15/2053
     65,131
 
TOTAL
100,688
 
Energy - Integrated—0.1%
   35,000
 
Cenovus Energy, Inc., Sr. Unsecd. Note, 5.400%, 3/20/2036
     34,838
   95,000
 
Chevron Corp., Sr. Unsecd. Note, 3.078%, 5/11/2050
     64,044
 
TOTAL
98,882
 
Energy - Midstream—0.7%
   55,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 3.400%, 2/15/2031
     51,334
   30,000
 
Boardwalk Pipeline Partners LP, Sr. Unsecd. Note, 4.800%, 5/3/2029
     30,114
   80,000
 
Columbia Pipeline Holding Co. LLC, Sr. Unsecd. Note, 144A, 5.681%, 1/15/2034
     81,889
   45,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.000%, 11/15/2029
     42,636
  145,000
 
Eastern Gas Transmission & Storage, Inc., Sr. Unsecd. Note, 3.900%, 11/15/2049
    106,188
   50,000
 
Energy Transfer LP, Sr. Unsecd. Note, 6.300%, 1/15/2056
     49,281
  110,000
 
Energy Transfer LP, Sr. Unsecd. Note, Series 10Y, 4.950%, 6/15/2028
    111,150
   75,000
 
Kinder Morgan Energy Partners LP, Sr. Unsecd. Note, 6.375%, 3/1/2041
     79,129
  100,000
 
MPLX LP, Sr. Unsecd. Note, 4.950%, 9/1/2032
     99,730
   50,000
 
MPLX LP, Sr. Unsecd. Note, 5.400%, 9/15/2035
     49,798
   40,000
 
National Fuel Gas Co., Sr. Unsecd. Note, 2.950%, 3/1/2031
     36,378
   25,000
 
ONEOK, Inc., Sr. Unsecd. Note, 4.950%, 7/13/2047
     21,343
   25,000
 
ONEOK, Inc., Sr. Unsecd. Note, 6.100%, 11/15/2032
     26,349
   65,000
 
ONEOK, Inc., Sr. Unsecd. Note, 6.625%, 9/1/2053
     66,765
   60,000
 
Plains All American Pipeline LP, Sr. Unsecd. Note, 5.150%, 6/1/2042
     53,894
  160,000
 
Targa Resources, Inc., Sr. Unsecd. Note, 4.200%, 2/1/2033
    151,556
   80,000
 
TransCanada PipeLines Ltd., Sr. Secd. Note, 5.100%, 3/15/2049
     74,096
   90,000
 
Williams Cos., Inc., Sr. Unsecd. Note, 5.800%, 11/15/2054
     86,669
 
TOTAL
1,218,299
 
Energy - Refining—0.1%
   60,000
 
Marathon Petroleum Corp., Sr. Unsecd. Note, 4.750%, 9/15/2044
     51,200
  100,000
 
Valero Energy Corp., Sr. Unsecd. Note, 5.150%, 3/10/2036
     98,615
 
TOTAL
149,815
 
Financial Institution - Banking—3.0%
   25,000
 
American Express Co., Sr. Unsecd. Note, 4.918%, 7/20/2033
     25,054
   90,000
 
American Express Co., Sr. Unsecd. Note, 5.085%, 1/30/2031
     91,544
  160,000
 
Bank of America Corp., Sr. Unsecd. Note, 2.299%, 7/21/2032
    141,292
  385,000
 
Bank of America Corp., Sr. Unsecd. Note, 3.419%, 12/20/2028
    378,348
  140,000
 
Bank of America Corp., Sr. Unsecd. Note, 5.468%, 1/23/2035
    142,957
  125,000
 
Bank of America Corp., Sr. Unsecd. Note, 5.511%, 1/24/2036
    127,517
   50,000
 
Bank of New York Mellon Corp., Sr. Unsecd. Note, Series MTN, 3.992%, 6/13/2028
     49,789
   25,000
 
Capital One Financial Co., Sr. Unsecd. Note, 4.722%, 1/30/2032
     24,628
   85,000
 
Capital One Financial Co., Sr. Unsecd. Note, 5.197%, 9/11/2036
     82,435
12
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - Banking—continued
$  110,000
 
Citigroup, Inc., Sr. Unsecd. Note, 3.668%, 7/24/2028
$    108,853
  125,000
 
Citigroup, Inc., Sr. Unsecd. Note, 5.174%, 9/11/2036
    123,957
  195,000
 
Citigroup, Inc., Sub. Note, 6.020%, 1/24/2036
    199,182
  120,000
 
Citizens Financial Group, Inc., Sr. Unsecd. Note, 5.718%, 7/23/2032
    123,386
   60,000
 
Comerica, Inc., Sr. Unsecd. Note, 5.982%, 1/30/2030
     61,923
  120,000
 
Fifth Third Bancorp, Sr. Unsecd. Note, 6.361%, 10/27/2028
    123,425
   75,000
 
FNB Corp. (PA), 5.722%, 12/11/2030
     75,488
  100,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.948%, 10/21/2027
     98,644
  275,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 1.992%, 1/27/2032
    241,428
  135,000
 
Goldman Sachs Group, Inc., Sr. Unsecd. Note, 4.939%, 10/21/2036
    130,785
  150,000
 
Huntington Bancshares, Inc., Sr. Unsecd. Note, 4.623%, 1/28/2032
    147,857
  100,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 2.963%, 1/25/2033
     90,758
  360,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 3.509%, 1/23/2029
    354,315
   90,000
 
JPMorgan Chase & Co., Sr. Unsecd. Note, 5.350%, 6/1/2034
     91,869
  125,000
 
JPMorgan Chase & Co., Sub., 5.576%, 7/23/2036
    126,634
   95,000
 
KeyCorp, Sr. Unsecd. Note, 6.401%, 3/6/2035
    100,768
  120,000
 
M&T Bank Corp., Sr. Unsecd. Note, 5.053%, 1/27/2034
    118,666
   75,000
 
Morgan Stanley, Sr. Unsecd. Note, 5.466%, 1/18/2035
     76,264
   90,000
 
Morgan Stanley, Sr. Unsecd. Note, 5.831%, 4/19/2035
     93,467
  290,000
 
Morgan Stanley, Sr. Unsecd. Note, Series GMTN, 3.772%, 1/24/2029
    286,193
   40,000
 
Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.794%, 2/13/2032
     34,648
   75,000
 
Morgan Stanley, Sr. Unsecd. Note, Series MTN, 1.928%, 4/28/2032
     65,036
  125,000
 
Northern Trust Corp., Sub., 6.125%, 11/2/2032
    133,361
   80,000
 
PNC Financial Services Group, Inc., 5.575%, 1/29/2036
     81,701
  135,000
 
PNC Financial Services Group, Inc., Sub., 4.626%, 6/6/2033
    131,413
   60,000
 
Regions Financial Corp., Sr. Unsecd. Note, 5.722%, 6/6/2030
     61,567
   65,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series I, 4.964%, 10/23/2036
     62,985
   20,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.122%, 1/26/2034
     19,957
   40,000
 
Truist Financial Corp., Sr. Unsecd. Note, Series MTN, 5.867%, 6/8/2034
     41,695
  175,000
 
U.S. Bancorp, 4.967%, 7/22/2033
    173,171
  100,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 4.960%, 1/23/2037
     97,452
   30,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 5.244%, 1/24/2031
     30,589
   75,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 5.499%, 1/23/2035
     76,370
  120,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 5.707%, 4/22/2028
    121,566
  100,000
 
Wells Fargo & Co., Sr. Unsecd. Note, 6.491%, 10/23/2034
    108,308
  100,000
 
Wells Fargo & Co., Sr. Unsecd. Note, Series MTN, 3.584%, 5/22/2028
     99,073
 
TOTAL
5,176,318
 
Financial Institution - Broker/Asset Mgr/Exchange—0.1%
   40,000
 
BlackRock, Inc., Sr. Unsecd. Note, 4.750%, 5/25/2033
     40,232
  125,000
 
Jefferies Financial Group, Inc., Sr. Unsecd. Note, 2.750%, 10/15/2032
    106,023
  100,000
 
Raymond James Financial, Inc., Sr. Unsecd. Note, 4.900%, 9/11/2035
     97,422
 
TOTAL
243,677
 
Financial Institution - Finance Companies—0.0%
   60,000
 
Takeoff Merger Sub, Inc., Sr. Unsecd. Note, 144A, 4.500%, 3/24/2029
     59,625
 
Financial Institution - Insurance - Health—0.1%
  120,000
 
Elevance Health, Inc., Sr. Unsecd. Note, 4.750%, 2/15/2033
    118,225
  150,000
 
UnitedHealth Group, Inc., Sr. Unsecd. Note, 3.050%, 5/15/2041
    111,293
 
TOTAL
229,518
 
Financial Institution - Insurance - Life—0.3%
  110,000
 
CoreBridge Global Funding, Secured Note, 144A, 4.900%, 12/3/2029
    110,449
13
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Financial Institution - Insurance - Life—continued
$   65,000
 
Lincoln National Corp., Sr. Unsecd. Note, 3.400%, 1/15/2031
$     60,596
  100,000
 
Massachusetts Mutual Life Insurance Co., Sub. Note, 144A, 4.900%, 4/1/2077
     79,144
   50,000
 
Pacific Life Global Funding II, Sr. Secd. Note, 144A, 4.900%, 1/11/2029
     50,577
   70,000
 
Pacific Life Insurance Co., Sub. Note, 144A, 4.300%, 10/24/2067
     54,956
  120,000
 
Principal Life Global Funding II, 144A, 1.625%, 11/19/2030
    104,562
  100,000
 
Prudential Financial, Inc., Sr. Unsecd. Note, Series MTN, 4.600%, 5/15/2044
     86,691
 
TOTAL
546,975
 
Financial Institution - Insurance - P&C—0.4%
  130,000
 
Aon North America, Inc., 5.750%, 3/1/2054
    125,358
  100,000
 
Chubb INA Holdings LLC., Sr. Unsecd. Note, 1.375%, 9/15/2030
     87,354
   30,000
 
Chubb INA Holdings LLC., Sr. Unsecd. Note, 3.350%, 5/3/2026
     29,972
  120,000
 
CNA Financial Corp., Sr. Unsecd. Note, 5.500%, 6/15/2033
    121,912
   70,000
 
Marsh & McLennan Cos., Inc., Sr. Unsecd. Note, 4.650%, 3/15/2030
     70,544
  200,000
 
Nationwide Mutual Insurance Co., Sub. Note, 144A, 9.375%, 8/15/2039
    256,391
   60,000
 
The Travelers Cos., Inc., Sr. Unsecd. Note, 5.450%, 5/25/2053
     57,556
 
TOTAL
749,087
 
Financial Institution - REIT - Apartment—0.3%
  135,000
 
Avalonbay Communities, Inc., Sr. Unsecd. Note, Series MTN, 3.350%, 5/15/2027
    133,747
  125,000
 
Camden Property Trust, Sr. Unsecd. Note, 4.900%, 1/15/2034
    124,309
   85,000
 
Mid-America Apartment Communities LP, Sr. Unsecd. Note, 5.300%, 2/15/2032
     87,414
  100,000
 
UDR, Inc., Sr. Unsecd. Note, Series GMTN, 3.500%, 1/15/2028
     98,398
 
TOTAL
443,868
 
Financial Institution - REIT - Healthcare—0.3%
  100,000
 
Healthcare Trust of America, Sr. Unsecd. Note, 2.000%, 3/15/2031
     86,866
  125,000
 
Physicians Realty Trust, Sr. Unsecd. Note, 3.950%, 1/15/2028
    123,714
   60,000
 
Welltower OP LLC, Sr. Unsecd. Note, 5.125%, 7/1/2035
     60,245
   90,000
 
Welltower, Inc., Sr. Unsecd. Note, 2.800%, 6/1/2031
     82,473
  100,000
 
Welltower, Inc., Sr. Unsecd. Note, 4.250%, 4/1/2026
    100,000
 
TOTAL
453,298
 
Financial Institution - REIT - Office—0.1%
  125,000
 
Alexandria Real Estate Equities, Inc., Sr. Unsecd. Note, 1.875%, 2/1/2033
    101,335
   40,000
 
Piedmont Operating Partnership, LP, Sr. Unsecd. Note, 2.750%, 4/1/2032
     33,629
 
TOTAL
134,964
 
Financial Institution - REIT - Retail—0.2%
  125,000
 
Kimco Realty Corp., Sr. Unsecd. Note, 6.400%, 3/1/2034
    135,316
   30,000
 
Phillips Edison Grocery Center Operating Partnership I, LP, Sr. Unsecd. Note, 4.750%, 3/15/2033
     29,288
  120,000
 
Regency Centers LP, Sr. Unsecd. Note, 4.125%, 3/15/2028
    119,716
 
TOTAL
284,320
 
Technology—1.6%
  115,000
 
Alphabet, Inc., Sr. Unsecd. Note, 2.050%, 8/15/2050
     61,753
   15,000
 
Alphabet, Inc., Sr. Unsecd. Note, 4.100%, 2/15/2031
     14,899
   40,000
 
Alphabet, Inc., Sr. Unsecd. Note, 4.800%, 2/15/2036
     39,844
  215,000
 
Apple, Inc., Sr. Unsecd. Note, 2.375%, 2/8/2041
    152,601
   65,000
 
Apple, Inc., Sr. Unsecd. Note, 2.400%, 8/20/2050
     37,544
   80,000
 
Apple, Inc., Sr. Unsecd. Note, 4.000%, 5/10/2028
     80,112
   60,000
 
Autodesk, Inc., Sr. Unsecd. Note, 5.300%, 6/15/2035
     60,106
   20,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.150%, 11/15/2030
     19,695
   65,000
 
Broadcom, Inc., Sr. Unsecd. Note, 4.900%, 2/15/2038
     62,767
   65,000
 
Broadcom, Inc., Sr. Unsecd. Note, 5.050%, 7/12/2029
     66,355
   80,000
 
Broadcom, Inc., Sr. Unsecd. Note, 144A, 3.187%, 11/15/2036
     66,892
14
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Technology—continued
$   65,000
 
CDW LLC/ CDW Finance Corp., Sr. Unsecd. Note, 5.550%, 8/22/2034
$     63,905
   75,000
 
Cisco Systems, Inc., Sr. Unsecd. Note, 4.750%, 2/24/2030
     76,463
   75,000
 
Cisco Systems, Inc., Sr. Unsecd. Note, 4.800%, 2/26/2027
     75,475
   65,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.000%, 4/1/2030
     65,803
   60,000
 
Dell International LLC / EMC Corp., Sr. Unsecd. Note, 5.100%, 2/15/2036
     58,691
  155,000
 
Fidelity National Information Services, Inc., Sr. Unsecd. Note, 4.550%, 3/10/2029
    154,308
  125,000
 
Fiserv, Inc., Sr. Unsecd. Note, 3.500%, 7/1/2029
    119,775
  150,000
 
Global Payments, Inc., Sr. Unsecd. Note, 5.550%, 11/15/2035
    144,618
   45,000
 
Hewlett Packard Enterprise Co., 5.600%, 10/15/2054
     40,202
   35,000
 
Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 4.400%, 10/15/2030
     34,373
   40,000
 
Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 4.600%, 3/23/2029
     39,973
   50,000
 
Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.000%, 10/15/2034
     48,416
   20,000
 
Hewlett Packard Enterprise Co., Sr. Unsecd. Note, 5.250%, 4/1/2033
     19,888
   60,000
 
Keysight Technologies, Inc., Sr. Unsecd. Note, 4.950%, 10/15/2034
     59,402
   65,000
 
Keysight Technologies, Inc., Sr. Unsecd. Note, 5.350%, 7/30/2030
     66,798
  100,000
 
Lam Research Corp., Sr. Unsecd. Note, 4.000%, 3/15/2029
     99,429
   65,000
 
Microsoft Corp., Sr. Unsecd. Note, 2.525%, 6/1/2050
     39,006
  105,000
 
Oracle Corp., Sr. Unsecd. Note, 5.200%, 9/26/2035
     98,542
  105,000
 
Oracle Corp., Sr. Unsecd. Note, 5.375%, 9/27/2054
     81,477
  100,000
 
Oracle Corp., Sr. Unsecd. Note, 5.700%, 2/4/2036
     96,192
   20,000
 
Oracle Corp., Sr. Unsecd. Note, 5.950%, 9/26/2055
     16,838
   50,000
 
Oracle Corp., Sr. Unsecd. Note, 6.700%, 2/4/2056
     46,441
  125,000
 
Roper Technologies, Inc., Sr. Unsecd. Note, 4.900%, 10/15/2034
    120,753
   60,000
 
Trimble, Inc., Sr. Unsecd. Note, 6.100%, 3/15/2033
     62,800
  120,000
 
Verisign, Inc., Sr. Unsecd. Note, 2.700%, 6/15/2031
    107,520
  130,000
 
Verisk Analytics, Inc., Sr. Unsecd. Note, 4.125%, 3/15/2029
    129,330
   40,000
 
VMware, Inc., Sr. Unsecd. Note, 1.400%, 8/15/2026
     39,584
   50,000
 
VMware, Inc., Sr. Unsecd. Note, 2.200%, 8/15/2031
     43,904
 
TOTAL
2,712,474
 
Transportation - Railroads—0.2%
   90,000
3
Burlington Northern Santa Fe LLC, Sr. Unsecd. Note, 5.200% (180-DAY AVERAGE SOFR +0.000%), 4/15/2054
     82,886
  135,000
 
Canadian Pacific Railway Co., Sr. Unsecd. Note, 3.500%, 5/1/2050
     95,464
   65,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.375%, 5/20/2031
     58,970
  125,000
 
Union Pacific Corp., Sr. Unsecd. Note, 2.400%, 2/5/2030
    116,368
 
TOTAL
353,688
 
Transportation - Services—0.1%
   65,000
 
Enterprise Rent-A-Car USA Finance Co., Sr. Unsecd. Note, 144A, 4.900%, 5/1/2033
     65,176
   80,000
 
FedEx Corp., Sr. Unsecd. Note, 3.250%, 5/15/2041
     60,334
   75,000
 
Ryder System, Inc., Sr. Unsecd. Note, Series MTN, 2.850%, 3/1/2027
     73,976
 
TOTAL
199,486
 
Utility - Electric—1.3%
  165,000
 
Ameren Corp., Sr. Unsecd. Note, 1.750%, 3/15/2028
    156,972
  100,000
 
Black Hills Corp., Sr. Unsecd. Note, 2.500%, 6/15/2030
     91,399
   75,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 5.800%, 3/1/2033
     78,592
   25,000
 
Constellation Energy Generation LLC, Sr. Unsecd. Note, 6.500%, 10/1/2053
     26,553
  125,000
 
Duke Energy Corp., Sr. Unsecd. Note, 2.650%, 9/1/2026
    124,141
  125,000
 
Duke Energy Corp., Sr. Unsecd. Note, 3.750%, 9/1/2046
     92,349
   75,000
 
Emera US Finance LP, Sr. Unsecd. Note, 3.550%, 6/15/2026
     74,833
   50,000
 
Emera US Finance LP, Sr. Unsecd. Note, 4.750%, 6/15/2046
     41,296
   50,000
 
Emera US Finance, LLC, Sr. Unsecd. Note, 4.500%, 4/1/2029
     49,950
15
Shares or
Principal
Amount
 
 
Value
 
CORPORATE BONDS—continued
 
Utility - Electric—continued
$   50,000
 
Emera US Finance, LLC, Sr. Unsecd. Note, 5.200%, 4/1/2033
$     49,741
  100,000
 
Enel Finance International NV, Co. Guarantee, 144A, 6.000%, 10/7/2039
    101,505
  190,000
 
Evergy Metro, Inc., Sr. Unsecd. Note, 4.200%, 3/15/2048
    151,893
   25,000
 
Exelon Corp., Sr. Unsecd. Note, 4.100%, 3/15/2052
     18,962
  125,000
 
Exelon Corp., Sr. Unsecd. Note, 4.700%, 4/15/2050
    103,380
  120,000
 
FirstEnergy Transmission LLC, Sr. Unsecd. Note, 144A, 4.550%, 4/1/2049
     99,539
   93,000
 
Fortis, Inc. / Canada, Sr. Unsecd. Note, 3.055%, 10/4/2026
     92,362
   70,000
 
National Rural Utilities Cooperative Finance Corp., Sr. Sub. Note, 5.250%, 4/20/2046
     70,047
  235,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 2.250%, 6/1/2030
    214,234
   75,000
 
NextEra Energy Capital Holdings, Inc., Sr. Unsecd. Note, 5.050%, 3/15/2030
     76,426
   80,000
 
NiSource, Inc., Sr. Unsecd. Note, 4.375%, 5/15/2047
     64,308
   10,000
 
NiSource, Inc., Sr. Unsecd. Note, 5.250%, 3/30/2028
     10,161
  100,000
 
PPL Capital Funding, Inc., Sr. Unsecd. Note, 3.100%, 5/15/2026
     99,840
  125,000
 
Puget Energy, Inc., Sec. Fac. Bond, 2.379%, 6/15/2028
    119,166
  185,000
 
Southwestern Electric Power Co., Sr. Unsecd. Note, 5.900%, 4/1/2056
    180,160
   20,000
 
WEC Energy Group, Inc., Sr. Unsecd. Note, 5.150%, 10/1/2027
     20,221
 
TOTAL
2,208,030
 
Utility - Natural Gas—0.1%
  155,000
 
Sempra Energy, Sr. Unsecd. Note, 3.700%, 4/1/2029
    151,443
 
TOTAL CORPORATE BONDS
(IDENTIFIED COST $25,246,556)
24,317,327
 
COMMERCIAL MORTGAGE-BACKED SECURITIES—0.4%
 
Commercial Mortgage—0.3%
  110,000
 
Bank 2022-BNK40, Class A4, 3.389%, 3/15/2064
    101,765
   85,000
 
Bank, Class A4, 3.488%, 11/15/2050
     82,943
  200,000
 
Benchmark Mortgage Trust 2020-B19, Class A5, 1.850%, 9/15/2053
    177,450
   18,932
 
Commercial Mortgage Trust 2015-DC1, Class AM, 3.724%, 2/10/2048
     18,668
  100,000
 
JPMDB Commercial Mortgage Securities Trust 2016-C4, Class A3, 3.141%, 12/15/2049
     98,884
 
TOTAL
479,710
 
Federal Home Loan Mortgage Corporation—0.1%
  172,089
 
FHLMC REMIC, Series K105, Class A1, 1.536%, 9/25/2029
    163,633
 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $698,765)
643,343
 
FOREIGN GOVERNMENTS/AGENCY—0.1%
 
Sovereign—0.1%
  200,000
 
Mexico, Government of, 3.750%, 1/11/2028
(IDENTIFIED COST $199,306)
    197,024
 
MORTGAGE-BACKED SECURITIES—0.0%
 
Government National Mortgage Association—0.0%
    1,284
 
Government National Mortgage Association, Pool 2796, 7.000%, 8/20/2029
      1,325
      908
 
Government National Mortgage Association, Pool 3040, 7.000%, 2/20/2031
        937
    2,834
 
Government National Mortgage Association, Pool 3188, 6.500%, 1/20/2032
      2,945
    3,875
 
Government National Mortgage Association, Pool 3239, 6.500%, 5/20/2032
      4,025
 
TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $8,875)
9,232
 
ADJUSTABLE RATE MORTGAGE—0.0%
 
Federal National Mortgage Association—0.0%
    1,341
3
Federal National Mortgage Association ARM, 6.594%, 9/1/2037
(IDENTIFIED COST $1,343)
      1,405
 
INVESTMENT COMPANIES—19.1%
85,738
 
Bank Loan Core Fund
    715,916
16
Shares or
Principal
Amount
 
 
Value
 
INVESTMENT COMPANIES—continued
192,402
 
Emerging Markets Core Fund
$  1,695,060
527,578
 
Federated Hermes High Income Bond Fund II, Class P
  2,764,507
1,224
 
Federated Hermes Short-Intermediate Government Fund, Institutional Shares
     11,894
2,413,738
 
Mortgage Core Fund
 20,299,541
795,320
 
Project and Trade Finance Core Fund
  7,086,301
 
TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $32,190,864)
32,573,219
 
REPURCHASE AGREEMENT—1.5%
$2,587,000
 
Interest in $903,000,000 joint repurchase agreement 3.67%, dated 3/31/2026 under which Bank of America, N.A. will
repurchase securities provided as collateral for $903,092,056 on 4/1/2026. The securities provided as collateral at the end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
8/1/2050 and the market value of those underlying securities was $921,153,897.
(IDENTIFIED COST $2,587,000)
  2,587,000
 
TOTAL INVESTMENT IN SECURITIES—99.1%
(IDENTIFIED COST $156,748,856)
169,180,034
 
OTHER ASSETS AND LIABILITIES - NET—0.9%4
1,539,418
 
NET ASSETS—100%
$170,719,452
At March 31, 2026, the Fund had the following outstanding futures contracts:  
Description
Number of
Contracts
Notional
Value
Expiration
Date
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures:
 
S&P 500 E-Mini Long Futures
120
$39,424,500
June 2026
$(964,198)
United States Treasury Notes 2-Year Long Futures
37
$7,675,477
June 2026
$(48,626)
United States Treasury Notes 5-Year Long Futures
79
$8,546,195
June 2026
$(131,460)
United States Treasury Notes 10-Year Ultra Long Futures
10
$1,135,156
June 2026
$(9,323)
Short Futures:
 
United States Treasury Notes 10-Year Short Futures
95
$10,549,453
June 2026
$186,817
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS
$(966,790)
Net Unrealized Depreciation on Futures Contracts is included in “Other Assets and Liabilities—Net.”
Affiliated fund holdings are investment companies which are funds managed by Federated Investment Management Company and Federated Equity Management Company of Pennsylvania (collectively, the “Co-Advisers”) or an affiliate of the Co-Advisers. Transactions with affiliated fund holdings during the period ended March 31, 2026, were as follows:  
Affiliates
Value as of
12/31/2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized
Gain/
(Loss)
Value as of
3/31/2026
Shares
Held as of
3/31/2026
Dividend
Income
Bank Loan Core Fund
$1,006,210
$14,779
$(280,000)
$(18,882)
$(6,191)
$715,916
85,738
$14,777
Emerging Markets Core Fund
$1,717,623
$29,178
$—
$(51,741)
$—
$1,695,060
192,402
$29,163
Federated Hermes High Income Bond Fund II, Class P
$2,789,101
$235,530
$—
$(260,124)
$—
$2,764,507
527,578
$235,529
Federated Hermes Short-Intermediate Government Fund,
Institutional Shares
$11,904
$101
$—
$(111)
$—
$11,894
1,224
$65
Mortgage Core Fund
$20,210,080
$259,298
$—
$(169,837)
$—
$20,299,541
2,413,738
$258,959
Project and Trade Finance Core Fund
$6,992,318
$101,948
$—
$(7,965)
$—
$7,086,301
795,320
$101,830
TOTAL OF AFFILIATED TRANSACTIONS
$32,727,236
$640,834
$(280,000)
$(508,660)
$(6,191)
$32,573,219
4,016,000
$640,323
17
 
1
Non-income-producing security.
2
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee.
3
Floating/adjustable note with current rate and current maturity or next reset date shown. Adjustable rate mortgage security coupons are based on the weighted
average note rates of the underlying mortgages less the guarantee and servicing fees. These securities do not indicate an index and spread in their description
above.
4
Assets, other than investments in securities, less liabilities
Note: The categories of investments are shown as a percentage of net assets at March 31, 2026.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Co-Advisers.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Co-Advisers.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Co-Advisers, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Co-Advisers’ valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Co-Advisers’ valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Fund’s Board of Trustees (the “Trustees”) has designated the Co-Advisers as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Co-Advisers are subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Co-Advisers’ fair value determinations.
The Co-Advisers, acting through their Valuation Committee, are responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Co-Advisers and certain of the Co-Advisers’ affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Co-Advisers based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Co-Advisers. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Co-Advisers’ fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Co-Advisers.
The Co-Advisers have also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if
18
there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Co-Advisers have adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Co-Advisers. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of March 31, 2026, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
Common Stocks
Domestic
$65,955,647
$—
$1,008
$65,956,655
International
2,832,660
2,355,177
—
5,187,837
Debt Securities:
U.S. Treasuries
—
37,706,992
—
37,706,992
Corporate Bonds
—
24,317,327
—
24,317,327
Commercial Mortgage-Backed Securities
—
643,343
—
643,343
Foreign Governments/Agency
—
197,024
—
197,024
Mortgage-Backed Securities
—
9,232
—
9,232
Adjustable Rate Mortgages
—
1,405
—
1,405
Investment Companies
25,486,918
—
—
25,486,918
Other Investments1
—
—
—
7,086,301
Repurchase Agreement
—
2,587,000
—
2,587,000
TOTAL SECURITIES
$94,275,225
$67,817,500
$1,008
$169,180,034
Other Financial Instruments:2
Assets
$186,817
$—
$—
$186,817
Liabilities
(1,153,607)
—
—
(1,153,607)
TOTAL OTHER FINANCIAL INSTRUMENTS
$(966,790)
$—
$—
$(966,790)
 
1
As permitted by U.S. generally accepted accounting principles (GAAP), an Investment Company valued at $7,086,301 is measured at fair value using the net asset
value (NAV) per share practical expedient and has not been categorized in the chart above but is included in the Total Column. The price of shares redeemed of
Project and Trade Finance Core Fund (PTCORE), a portfolio of Federated Hermes Core Trust III, may be determined as of the closing NAV of the fund up to
twenty-four days after receipt of a shareholder redemption request. The investment objective of PTCORE is to provide total return. Copies of the PTCORE
financial statements are available on the EDGAR database on the SEC’s website or upon request from the Fund.
2
Other financial instruments are futures contracts.
19
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
ARM
—Adjustable Rate Mortgage
FHLMC
—Federal Home Loan Mortgage Corporation
GMTN
—Global Medium Term Note
MTN
—Medium Term Note
REIT
—Real Estate Investment Trust
REMIC
—Real Estate Mortgage Investment Conduit
SOFR
—Secured Overnight Financing Rate
20